Caterpillar Inc. 'A' And 'A-1' Ratings Affirmed Following New Captive Finance Criteria

We have implemented our methodology for assessing how captive finance operations affect the creditworthiness of nonfinancial corporate issuers. We have concluded our review of Caterpillar Inc. (CAT) under the new criteria and are affirming our ratings on the company, including the 'A' corporate credit rating. The stable outlook reflects our expectation that the company will maintain funds from operations (FFO) to debt greater than 30% and a debt-to-EBITDA measure of less than 3x despite the persistent weakness in its mining and energy end markets and the broad uncertainty in the global economy. NEW YORK (Standard&Poor's) Dec. 21, 2015--Standard&Poor's Ratings Services said today it affirmed its ratings, including the 'A' long-term corporate credit and 'A-1' short-term ratings,

...+ We have implemented our methodology for assessing how captive finance operations affect the creditworthiness of nonfinancial corporate issuers. + We have concluded our review of Caterpillar Inc. (CAT) under the new criteria and are affirming our ratings on the company, including the 'A' corporate credit rating. + The stable outlook reflects our expectation that the company will maintain funds from operations (FFO) to debt greater than 30% and a debt-to-EBITDA measure of less than 3x despite the persistent weakness in its mining and energy end markets and the broad uncertainty in the global economy. NEW YORK (Standard & Poor's) Dec. 21, 2015--Standard & Poor's Ratings Services said today it affirmed its ratings, including the 'A' long-term corporate credit and 'A-1' short-term ratings, on Peoria, Ill.-based Caterpillar Inc., and its wholly owned finance subsidiary, Caterpillar Financial Services Corp. The affirmation reflects our improved view of the company's financial risk profile following...

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